Update on OtgonbayarMr. Otgonbayar, 39 years old, lives with his wife, his two children, and his father-in-law in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land. He has been running a spare parts sales business for 12 years and has accumulated a vast amount of experience in dealing with suppliers and finding the right customers. One of his children has graduated from university and is now looking for a job. He is applying for a loan of 6,000,000 MNT to buy an automobile with an electric engine. Electric cars contribute to cleaner air in cities because the internal power source produces no harmful pollution at the tailpipe, such as particulates (soot), volatile organic compounds, hydrocarbons, carbon monoxide, ozone, lead, and various oxides of nitrogen. Buying this car will help him to save time going between work and home. The borrower is very hard-working individual who cares deeply for his family.
Previous Loan DetailsOtgonbayar is 37 years old and lives with his wife, father-in-law and two children, Shinebayar, 20, and Shinebileg, 18, both of whom are university students. Otgonbayar has been running his spare truck parts retail business for 10 years. He buys brand new new spare parts from wholesalers and sells… More from Otgonbayar's previous loan »
More information about this loan
This loan is part of Credit Mongol's green loan program, which helps clients to gain access to electricity through solar panel kits, as well as other products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
About Credit MongolCredit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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This loan has been fully funded!